Hold Aban Offshore, says CA Rudramurthy

CA Rudramurthy BV of Vachana Investments told CNBC-TV18, "Aban Offshore has seen a clear cut downtrend on all timeframes whether you will see a medium-term to longer timeframe on charts. Even a shorter-term trend, everything is very bad on charts. However, now it is having some sort of consolidation and the formation of rounding bottom. So keeping a strict stoploss of Rs 190 on closing basis, one can hold on to Aban Offshore however, multiple resistances creep in on every rise on Aban Offshore. So I suggest an exit on rise but a stoploss of Rs 190 is a must.""Close to Rs 280-300 levels again multiple resistances creep in, I don’t see this stock going above Rs 340. So even if one keeps one-year timeframe from current levels, an exit closer to Rs 300-330 levels will only be more ideal and a better switch to good stocks," he added.